Old Republic International (ORI) reported a decrease in profit for the fourth quarter from the previous year, which failed to meet market expectations.
The company's net income was $190.6 million, or $0.69 per share, a significant drop from the $512.1 million, or $1.73 per share posted in the same quarter the previous year.
According to Thomson Reuters compiled data, market analysts had forecasted the company's earnings to be around $0.71 per share, not taking into account any extraordinary items.
The company also experienced a revenue decline of 2.9% for the quarter, falling to $1.940 billion from last year's $1.997 billion.
To summarize the operating results of Old Republic International under Generally Accepted Accounting Principles (GAAP):
- Fourth-quarter earnings: $190.6 million, down from $512.1 million the previous year.
- Fourth-quarter earnings per share: $0.69, down from $1.73 the previous year.
- Analyst estimates for earnings per share: $0.71.
- Fourth-quarter revenue: $1.940 billion, a slight decrease from $1.997 billion the previous year.
